topic Splitting Capital Gains - Unmarried in Get your taxes done using TurboTax

Splitting Capital Gains - Unmarried

AnoCGW — Tue, 10 Mar 2026 07:20:38 GMT

I purchased a home. My boyfriend and I were co-owners. He was not on the mortgage. We sold the home and the gains were split in half. The home was sold after over a year but less than two so we will have to pay the capital gains tax. How will this work when filing taxes and what forms may I need to be on the lookout for? I don't want to end up paying taxes on the full gains when I only received half.

Re: Splitting Capital Gains - Unmarried

Anonymous_ — Fri, 16 Dec 2022 18:59:09 GMT

@AnoCGW wrote:

We sold the home and the gains were split in half.

Did you each get a 1099-S from the closing agent?

Re: Splitting Capital Gains - Unmarried

Mike9241 — Fri, 16 Dec 2022 19:55:54 GMT

the mortgage is irrelevant in computing gain. as @Anonymous_ pointed out it's best if each of you gets a 1099-S.

was there any particular reason for the sale? under some conditions, a partial exemption may be available.

Re: Splitting Capital Gains - Unmarried

Mike92ct — Fri, 16 Dec 2022 20:35:59 GMT

Just to double check, make sure the home sale does not apply to any of the reasons that may exclude you paying any capital gains. "Unforseen circumstances" or moved for a job to name a few. Please refer to that section for clarity. I used it on a home we owned for one year and in 2021 the values went up so quick. My wife got a new job in a different state.

Edit. I see someone else suggested this too before me.

Divorced or legally separated is listed. Maybe you're off the hook?? Good luck

Re: Splitting Capital Gains - Unmarried

Anonymous_ — Fri, 16 Dec 2022 20:15:18 GMT

See https://www.irs.gov/publications/p523#en_US_2021_publink100073096